Establishes fringe benefit rate for State colleges and universities.

This bill requires New Jersey's Division of Budget and Accounting to establish a separate fringe benefit rate for public colleges and universities starting in fiscal year 2025. It directly affects employees at these institutions and the state budget, as current funding uses a general state rate that doesn't reflect their actual retirement costs (many use cheaper plans like ABP instead of the standard PERS). The new rate will be based on the actual cost of employee retirement programs at these schools, applied to all federal, dedicated, and non-State funded programs. This change aims to align state funding more accurately with the actual benefit expenses of public higher education employees.